Beverly Hills, California – January 13, 2016 – Sonnenblick-Eichner Company announced today that it has arranged $65,200,000 of first mortgage financing for the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue, Washington.
The non-recourse 10-year fixed rate financing was priced in the low 4 percent range with interest-only payments for the first 5 years of the loan. The loans were not cross-collateralized.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We had tremendous lender interest in these transactions from both Wall Street investment banks and life insurance companies. The borrower chose a life insurance company execution giving them the ability to lock the rate at application while having the benefits of a portfolio lender.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “The borrower financed prior to their current loan maturity incurring a prepayment cost. The fixed low interest rate loan we arranged more than offset the cost of the prepayment fee over the life of the loan.”
